Choosing the Right Documents Requires Personal Attention
Properly conveying you values, wishes, and experiences with your family and loved ones is a critical component of the estate planning process. Our process is designed to take a deep dive into your specific assets, goals, and family circumstances so that we can decide together what is the right set of documents for your estate plan.
Here are few general guidelines to better understand the difference between Wills and Living Trusts:
Here are few general guidelines to better understand the difference between Wills and Living Trusts:
Last Will & Testament:
What is a Will? A Will is a legal document that directs the probate court how to distribute your assets to your loved ones. It is also the document that you must use to appoint guardians for your minor children in the event of your death. It is important to remember that a Will based estate plan will always be subject to Probate. A Will only become effective upon your death. Therefore, a Will does not protect you in the event of incapacity or serious illness. To learn more about the type of estate documents that are vital in these situations please see, Incapacity Planning.
Why Do I need a Will? If you have minor children a Will is the ONLY DOCUMENT that allows you to legally appoint a legal guardian for your kids. A living trust or any other estate-planning document simply does not work for this singular purpose. Otherwise, a Will is necessary if you do not have a Living Trust and you want to maintain control over how your assets are ultimately distributed to your loved ones.
How is a Will Prepared? A Will must be executed within the formal requirements prescribed by the specific laws of your state. These rules vary by state but typically require the Will to be signed in front of at least two witnesses and a Notary Public. To make sure your Will is effective it should be prepared and reviewed by a qualified estate planning attorney.
Why Do I need a Will? If you have minor children a Will is the ONLY DOCUMENT that allows you to legally appoint a legal guardian for your kids. A living trust or any other estate-planning document simply does not work for this singular purpose. Otherwise, a Will is necessary if you do not have a Living Trust and you want to maintain control over how your assets are ultimately distributed to your loved ones.
How is a Will Prepared? A Will must be executed within the formal requirements prescribed by the specific laws of your state. These rules vary by state but typically require the Will to be signed in front of at least two witnesses and a Notary Public. To make sure your Will is effective it should be prepared and reviewed by a qualified estate planning attorney.
Living Trust:
What is a Living Trust? A Living Trust is a Will substitute. It is a legal document that allows you to name a person or entity known as a “trustee” to manage and distribute your property for your loved ones. Unlike a Will that becomes operative upon death, a Living Trust becomes effective immediately upon execution. While you are living the trust property is managed for your benefit. Upon your death the remaining trust property is then either managed or distributed to your loved ones in accordance with your wishes as set forth in the living trust. Perhaps the biggest advantage to a Living Trust is that, unlike a Will, it is not subject to probate. Using a Living Trust also allows the distribution of your estate to remain private and it typically occurs much sooner and at a lower cost than administering a Will through probate.
Who Needs a Living Trust? Anyone looking to avoid probate will want to explore setting up a Living Trust. Parents desiring a fair amount of flexibility over their children’s inheritance may also want to consider a Living Trust. Finally, affluent clients subject to federal and state estate taxes will want to evaluate the use of a Living Trust to incorporate tax planning into their estate plan. Don’t forget: Parents with minor children will also need a Will to complement the Living Trust for the purpose of appointing guardians.
How is a Living Trust Prepared? Generally, the formal requirements of executing a Living Trust are less cumbersome than those for Wills. Usually, just the attestation of a Notary Public. To make sure your Living Trust is effective it needs to be prepared and reviewed by an estate planning attorney.
Who Needs a Living Trust? Anyone looking to avoid probate will want to explore setting up a Living Trust. Parents desiring a fair amount of flexibility over their children’s inheritance may also want to consider a Living Trust. Finally, affluent clients subject to federal and state estate taxes will want to evaluate the use of a Living Trust to incorporate tax planning into their estate plan. Don’t forget: Parents with minor children will also need a Will to complement the Living Trust for the purpose of appointing guardians.
How is a Living Trust Prepared? Generally, the formal requirements of executing a Living Trust are less cumbersome than those for Wills. Usually, just the attestation of a Notary Public. To make sure your Living Trust is effective it needs to be prepared and reviewed by an estate planning attorney.
See How We Help Our Clients:
What Our Clients Say:
"Professional, efficient, and understanding - John couldn't have been more helpful & informative in doing our Wills. The bottom line is John gave us an education and his honest opinion between Wills and Trusts; backed up by facts, examples and what "most clients would do". Then you sprinkle in some humor, interesting cases, and personal experiences ... it made it easy to choose John to draft/execute our estate documents. We chose to write Wills! John was very informative about the differences in the state's estate laws and what we needed given the needs for our family. I definitely recommend John and will be going to him with all of our estate planning needs"
- Trevor and Larissa Winchell
"We met John through a family referral and couldn't have been more pleased. With the birth of our first child, this was our first experience with estate planning and he explained everything in the perfect amount of detail along the way - enough for us to feel confident, but not so much as to confuse or overwhelm us. He was patient with our multitude questions and delivered a package of documents that allow us to rest assured that our health, family and estate will be properly managed if the unthinkable should happen. Thanks, John!
We'll be coming back to you when it's time for an update."
- Eric and Katie Redhair
"When my wife and I were still newlyweds, I asked my dad for a recommendation on estate planning considerations. He referred us to John Thompson, as John had done the estate planning for my folks. We first met with John a couple years ago and we were immediately happy with our decision. John was professional, kind, knowledgeable, trustworthy and most importantly, he listened to us. It was reassuring to have someone that could relate our stage in life and translate that to a well thought out will and power of attorney. We highly recommend John and look forward to continuing working with him as our family grows."
- Andy and Allison Maher
My husband and I recently worked with John for our estate planning needs. We found him to be extremely knowledgeable in his field and the utmost in professionalism. I would highly recommend John to anyone requiring estate planning services!"
- Kerry and Marissa Funk
"John is the best. He took the time to make the process very simple for us and explained things in an easy to understand manner. I would recommend John to anyone looking into estate planning."
- Matt and Annette Redhair
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